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**UNITED STATES
  SECURITIES AND EXCHANGE COMMISSION**
  Washington, D.C. 20549

FORM 10-QSB

x QUARTERLY REPORT
  PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2005

 ̈ TRANSITION REPORT
  PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ______ to ______

Commission file number: 000-28837

NEW JERSEY MINING COMPANY(Exact name of registrant as specified in its charter)

|Idaho                        | 82-0490295                       
|---------------------------- | ---------------------------------
|(State or other jurisdiction | (IRS employer identification no.)
|of incorporation)            |                                  

Registrant’s telephone number, including area code: (208) 783-3331

|Common Stock        | The OTC-Bulletin Board               
|------------------- | -------------------------------------
|Title of each class | Name and exchange on which registered

Yes x No  ̈

At May 5, 2005, 21,934,500 shares of the registrant’s
  common stock were outstanding.

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NEW JERSEY MINING COMPANY
  QUARTERLY REPORT ON FORM 10-QSBFOR THE QUARTERLY PERIODENDED MARCH 31, 2005

TABLE OF CONTENTS

|                                                                                                | Page
|----------------------------------------------------------------------------------------------- | ----
|                                                                                                |     
|PART I – FINANCIAL INFORMATION                                                                  | 3   
|                                                                                                |     
|Item 1: Financial Statements                                                                    | 3   
|                                                                                                |     
|Item 2: Management’s Discussion
      and Analysis of Financial Condition and Plan of Operation | 6   
|                                                                                                |     
|Item 3: Controls and Procedures                                                                 | 7   
|                                                                                                |     
|PART II – OTHER INFORMATION                                                                     | 8   
|                                                                                                |     
|Item 1: Legal Proceedings                                                                       | 8   
|                                                                                                |     
|Item 2: Changes in Securities                                                                   | 8   
|                                                                                                |     
|Item 3: Defaults among Senior
      Securities                                                  | 8   
|                                                                                                |     
|Item 4: Submission of Matters
      to a Vote of Security Holders                               | 8   
|                                                                                                |     
|Item 5: Other Information                                                                       | 9   
|                                                                                                |     
|Item 6: Exhibits and Reports on
      Form 8-K                                                  | 9   
|                                                                                                |     
|SIGNATURES                                                                                      | 9   

[The balance of this page has been intentionally left blank.]

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PART I-FINANCIAL INFORMATION

Item 1.     Financial Statements

NEW JERSEY MINING COMPANY(An Exploration Stage Company)BALANCE SHEETMarch 31, 2005(Unaudited)

|ASSETS                                                
|------------------------------------------------------
|                                                      
|Current assets:                                       
|Cash and cash
      equivalents                       
|Accounts receivable                                   
|Total current assets                                  
|                                                      
|Building and equipment                                
|Mineral properties and deferred development costs     
|                                                      
|Total assets                                          
|                                                      
|LIABILITIES AND STOCKHOLDERS’ EQUITY                  
|                                                      
|Current liabilities:                                  
|Accounts payable                                      
|Accrued payroll
      and payroll-related expenses    
|Obligation under
      capital lease, current         
|Total current liabilities                             
|                                                      
|Accrued reclamation costs                             
|Obligation under capital lease, noncurrent            
|                                                      
|Total liabilities                                     
|                                                      
|Stockholders’ equity:                                 
|Preferred stock,
      no par value; 1,000,000        
|shares authorized; no shares issued or outstanding    
|Common stock,
      no par value; 50,000,000 shares   
|authorized; 21,934,500 shares issued and outstanding  
|                                                      
|Deficit accumulated
      during the development stage
|                                                      
|Total stockholders’ equity                            
|                                                      
|Total liabilities
      and stockholders’ equity      

The accompanying notes are an integral part of these financial statements.

3

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NEW JERSEY MINING COMPANY(An Exploration Stage Company)STATEMENTS OF OPERATIONSFor the Three-Month Periods ended March 31, 2005 and 2004 and for the
  period from inception 
  (July 18, 1996) through March 31, 2005(Unaudited)

|                                    |   |            |   |   |            |   |   | From Inception  |  
|----------------------------------- | - | ---------- | - | - | ---------- | - | - | --------------- | -
|                                    |   |            |   |   |            |   |   | (July 18, 1996) |  
|                                    |   | March 31,  |   |   | March 31,  |   |   | Through         |  
|                                    |   | 2005       |   |   | 2004       |   |   | March 31, 2005  |  
|Sales of concentrate                | $ | 24,814     |   |   |            |   | $ | 24,814          |  
|Cost of sales                       |   | 38,342     |   |   |            |   |   | 38,342          |  
|Gross profit (loss)                 |   | (13,528    | ) |   |            |   |   | (13,528         | )
|                                    |   |            |   |   |            |   |   |                 |  
|Costs and expenses:                 |   |            |   |   |            |   |   |                 |  
|Expenses paid with common stock:    |   |            |   |   |            |   |   |                 |  
|Management
      fees               |   | 23,313     |   |   |            |   |   | 213,712         |  
|Directors
      fees                |   |            |   |   |            |   |   | 58,450          |  
|Services                            |   | 9,800      |   | $ | 1,500      |   |   | 44,240          |  
|Exploration                         |   | 5,500      |   |   |            |   |   | 25,500          |  
|Exploration expense                 |   | 21,760     |   |   | 35,717     |   |   | 640,150         |  
|General and administrative expenses |   | 89,261     |   |   | 58,773     |   |   | 571,525         |  
|Total operating
      expenses      |   | 149,634    |   |   | 95,990     |   |   | 1,553,577       |  
|                                    |   |            |   |   |            |   |   |                 |  
|Other (income) expense:             |   |            |   |   |            |   |   |                 |  
|Royalty and other income            |   | (432       | ) |   | (818       | ) |   | (62,250         | )
|Write-off of goodwill               |   |            |   |   |            |   |   | 30,950          |  
|Write-off of investment             |   |            |   |   |            |   |   | 90,000          |  
|Total other
      (income) expense  |   | (432       | ) |   | (818       | ) |   | 58,700          |  
|                                    |   |            |   |   |            |   |   |                 |  
|Net loss                            | $ | 162,730    |   | $ | 95,172     |   | $ | 1,625,805       |  
|                                    |   |            |   |   |            |   |   |                 |  
|Net loss per common share-basic     | $ | 0.01       |   | $ | Nil        |   | $ | 0.11            |  
|                                    |   |            |   |   |            |   |   |                 |  
|Weighted average common             |   |            |   |   |            |   |   |                 |  
|shares outstanding-basic            |   | 21,733,238 |   |   | 19,606,478 |   |   | 14,583,136      |  

The accompanying notes are an integral part of these financial statements.

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NEW JERSEY MINING COMPANY(An Exploration Stage Company)STATEMENTS OF CASH FLOWSFor the Three-Month Periods ended March 31, 2005 and 2004 and for the
  period from inception
  (July 18, 1996) through March 31, 2005(Unaudited)

|                                                        |   |           |   |   |           |   |   | From Inception  |  
|------------------------------------------------------- | - | --------- | - | - | --------- | - | - | --------------- | -
|                                                        |   |           |   |   |           |   |   | (July 18, 1996) |  
|                                                        |   | March 31, |   |   | March 31, |   |   | Through         |  
|                                                        |   | 2005      |   |   | 2004      |   |   | March 31, 2005  |  
|Cash flows from operating activities:                   |   |           |   |   |           |   |   |                 |  
|Net loss                                                | $ | (162,730  | ) | $ | (95,172   | ) | $ | (1,625,805      | )
|Adjustments to reconcile net loss to net
      cash     |   |           |   |   |           |   |   |                 |  
|used by operating
      activities:                     |   |           |   |   |           |   |   |                 |  
|Depreciation                                            |   | 1,898     |   |   |           |   |   | 1,898           |  
|Write-off of equipment                                  |   | 11,272    |   |   |           |   |   | 11,272          |  
|Write-off of goodwill                                   |   |           |   |   |           |   |   | 30,950          |  
|Write-off of investment                                 |   |           |   |   |           |   |   | 90,000          |  
|Stock issued
      for:                                 |   |           |   |   |           |   |   |                 |  
|Management fees                                         |   | 23,313    |   |   |           |   |   | 213,712         |  
|Directors fees                                          |   |           |   |   |           |   |   | 58,450          |  
|Services                                                |   | 9,800     |   |   | 1,500     |   |   | 44,240          |  
|Exploration                                             |   | 5,500     |   |   |           |   |   | 25,500          |  
|Change in                                               |   |           |   |   |           |   |   |                 |  
|Accounts receivable                                     |   | (24,814   | ) |   |           |   |   | (24,814         | )
|Other assets                                            |   | 2,346     |   |   |           |   |   | 1,722           |  
|Accounts payable                                        |   | 20,348    |   |   | 66,630    |   |   | 25,489          |  
|Accounts payable to related party                       |   |           |   |   | (1,000    | ) |   |                 |  
|Accrued payroll and related payroll expenses            |   | (350      | ) |   |           |   |   | 5,365           |  
|Accrued reclamation costs and other liabilities         |   |           |   |   |           |   |   | 12,500          |  
|Net cash used by operating activities                   |   | (124,689  | ) |   | (28,042   | ) |   | (1,129,521      | )
|                                                        |   |           |   |   |           |   |   |                 |  
|Cash flows from investing activities:                   |   |           |   |   |           |   |   |                 |  
|Purchases of building and equipment                     |   | 5,357     |   |   | (85,804   | ) |   | (374,783        | )
|Purchases of mineral property                           |   |           |   |   |           |   |   | (5,904          | )
|Deferral of development costs                           |   |           |   |   | (13,755   | ) |   | (225,535        | )
|Net cash used by investing activities                   |   | 5,357     |   |   | (99,559   | ) |   | (606,222        | )
|                                                        |   |           |   |   |           |   |   |                 |  
|Cash flows from financing activities:                   |   |           |   |   |           |   |   |                 |  
|Exercise of stock purchase warrants                     |   |           |   |   |           |   |   | 599,500         |  
|Sales of common stock, net of issuance
      costs      |   | 85,000    |   |   | 373,500   |   |   | 1,283,807       |  
|Principal payments on capital lease                     |   | (3,054    | ) |   |           |   |   | (51,455         | )
|Payments on note payable to bank                        |   |           |   |   |           |   |   | (20,000         | )
|Net cash provided by financing
      activities         |   | 81,946    |   |   | 373,500   |   |   | 1,811,852       |  
|Cash of acquired companies                              |   |           |   |   |           |   |   | 38,269          |  
|Net change in cash                                      |   | (37,386   | ) |   | 245,899   |   |   | 114,378         |  
|Cash, beginning of period                               |   | 151,764   |   |   | 346,268   |   |   | 0               |  
|Cash, end of period                                     | $ | 114,378   |   | $ | 592,167   |   | $ | 114,378         |  
|Interest paid in cash                                   | $ | 1,725     |   |   |           |   | $ | 4,767           |  
|Non-cash investing and financing activities:            |   |           |   |   |           |   |   |                 |  
|Common stock issued for:                                |   |           |   |   |           |   |   |                 |  
|Buildings
      and equipment                           |   |           |   |   |           |   | $ | 3,000           |  
|Mineral properties
      and deferred development costs | $ | 65,000    |   |   |           |   | $ | 264,300         |  
|Acquisitions
      of companies, excluding cash         |   |           |   |   |           |   | $ | 743,653         |  
|Capital lease
      obligation for equipment acquired   |   |           |   |   |           |   |   | 93,275          |  

The accompanying notes are an integral part of these financial
  statements.

5

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NEW JERSEY MINING COMPANY 
  NOTES TO FINANCIAL STATEMENTS(Unaudited)

1.     Basis of Presentation:

The unaudited financial statements have been prepared by the
  Company in accordance with accounting principles generally accepted in the United
  States of America for interim financial information, as well as the instructions
  to Form 10-QSB. Accordingly, they do not include all of the information and
  footnotes required by generally accepted accounting principles for complete
  financial statements. In the opinion of the Company’s management, all
  adjustments (consisting of only normal recurring accruals) considered necessary
  for a fair presentation of the interim financial statements have been included.
  Operating results for the three-month period ended March 31, 2005 are not necessarily
  indicative of the results that may be expected for the full year ending December
  31, 2005.

For further information refer to the financial statements
  and footnotes thereto in the Company’s Annual Report on Form 10-KSB for
  the year ended December 31, 2004.

2.     Description of Business

New Jersey Mining Company (“the Company”) was
  incorporated as an Idaho corporation on July 18, 1996. The Company's primary
  business is exploring for and developing gold, silver and base-metal resources
  in Idaho.

Item 2.     Management's Discussion and Analysis
  of Financial Condition and Plan of Operation

General

This report contains both historical and prospective statements
  concerning the Company and its operations. Prospective statements (known as
  "forward-looking statements") may or may not prove true with the passage of
  time because of future risks and uncertainties. The Company cannot predict what
  factors might cause actual results to differ materially from those indicated
  by prospective statements.

Plan of Operation

The Company is executing its plan to continue exploration
  for gold, silver and base metal deposits in the greater Coeur d’Alene
  Mining District of northern Idaho. The Company has three advanced-stage properties
  with reserves. One of the properties, the Silver Strand, owned by the Company
  is in the advanced permitting stage with the U.S. Forest Service (USFS) and
  will be readied for production once operating permits are received. A Decision
  Notice has been issued by the USFS indicating a Finding of No Significant Impact
  of the Silver Strand mining operation, but the Decision is still subject to
  appeal thus delaying any work at the mine. At the Golden Chest mine production
  commenced in May 2005 from the Katie Dora vein which was developed by a ramp
  in 2004. It is planned to mine about 4,000 tonnes grading 13 grams/tonne gold
  in 2005 from the Katie Dora reserves. The third advanced property, the Coleman
  vein in the New Jersey Area of Interest has an open pit which can be operated
  to fill out the

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mill production capacity. It is planned to mine and process
  about 2,000 tonnes grading 3 grams/tonne gold from the Coleman pit in 2005.

The Company has upgraded its mineral processing plant, the
  New Jersey mill, to add the flotation process which was needed to produce marketable
  concentrates for buyers. The mill has been successfully commissioned and sulfide
  concentrates were produced and sold to Barrick Goldstrike Mines, Inc. in Nevada.
  Other gold-bearing products are produced and sold to gold refiners. Currently,
  the mill is starting to process ore produced at the Golden Chest mine. Ore from
  the Coleman open pit will be used to fill the mill operating schedule.

An exploration drilling program may be executed in 2005 depending
  on the availability of funding. Drilling would be done at the Golden Chest mine
  to test the continuity of deep mineralization discovered in 2004 on the Idaho
  vein. Drilling would also be done at the Scotch Thistle prospect in the New
  Jersey Area of Interest where higher grade gold mineralization was discovered
  in 2004. A third drilling project may be executed at the Silver Button prospect
  discovered in 2004.

The Company has sufficient funding to execute the planned
  production schedule for the next 12 months, as well as fund necessary management
  tasks such as auditing/accounting and SEC reporting. However, additional funding
  would be needed to execute the exploration plan or fund the development of the
  Silver Strand mine in 2005, should final approvals be obtained. Plans are being
  reviewed to secure additional funding.

The Company currently has seven employees and uses consultants or contractors for project tasks. Up to three additional employees may be hired if the production schedule is increased.

Item 3.    Controls and Procedures

An evaluation was performed by the Company’s president
  and principal financial officer of the effectiveness of the design and operation
  of the Company’s disclosure controls and procedures. And on that evaluation,
  the Company’s president and principal financial officer concluded that
  disclosure controls and procedures were effective as of March 31, 2005, in ensuring
  that all material information required to be filed in this quarterly report
  has been made known to them in a timely fashion.

There has been no change in the Company’s internal controls
  over financial reporting during the quarter ended March 31, 2005, that has materially
  affected, or is reasonably likely to materially affect, the Company’s
  internal controls over financial reporting.

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PART II - OTHER INFORMATION

Item 1.     Legal Proceedings

None

Item 2.     Changes in Securities

Neither the constituent instruments defining the rights of
  the registrant’s securities filers nor the rights evidenced by the registrant’s
  outstanding common stock have been modified, limited or qualified.

In February 2005, the Company sold 9,100 units for $0.55
  to an accredited investor. Each unit consisted of one share of common stock
  plus one-half of a warrant with each full warrant exercisable to purchase a
  share of common stock for $0.80 until April 1, 2006. In March 2005, the
  Company sold 200,000 units for $0.40 to an accredited investor. Each unit
  consisted of one share of common stock plus one warrant exercisable to purchase
  a share of common stock for $0.60 until April 1, 2007. The securities issued
  in both of these transactions were issued pursuant to exemptions from registration
  under Section 4(2) and Rule 506 of Regulation D of the Securities Act of 1933
  as amended.

On January 3, 2005, the Company exercised the Option to Lease
  the Golden Chest mine in accordance with the exploration agreements with Metaline
  Contact Mines and Prichard Creek Resource Partners LLC. The Company issued 130,000
  shares of restricted common stock upon the signing of these leases and the securities
  were issued pursuant to exemptions from registration under Section 4(2) and
  Rule 506 of Regulation D of the Securities Act of 1933 as amended.

The Company issued 46,625 shares of restricted common stock
  to President Fred W. Brackebusch for management services rendered in the first
  quarter of 2005. A price of $0.50 per share was used to calculate the number
  of shares to be issued. The securities were issued pursuant to exemptions from
  registration under Section 4(2) and Rule 506 of Regulation D of the Securities
  Act of 1933 as amended.

In January 2005, the Company issued 10,000 units at a price
  of $0.55 to sophisticated investors for exploration services related to
  a geophysical survey at the Silver Strand mine. Each unit consisted of one share
  of common stock plus one-half of a warrant with each full warrant exercisable
  to purchase a share of common stock for $0.80 until April 1, 2006. The securities
  were issued pursuant to exemptions from registration under Section 4(2) and
  Rule 506 of Regulation D of the Securities Act of 1933 as amended.

During the first quarter of 2005, the Company issued 17,975
  shares at an average price of $0.55 to various accredited and sophisticated
  individuals for services performed. The securities were issued pursuant to exemptions
  from registration under Section 4(2) and Rule 506 of Regulation D of the Securities
  Act of 1933 as amended.

Item 3.     Defaults Upon Senior Securities

The registrant has no outstanding senior securities.

Item 4.     Submission of Matters to a Vote of
  Security Holders

None

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Item 5.     Other Information

None

Item 6.     Exhibits and Reports on Form 8-K

Exhibits

| | 31.1 | Section 302 Certification of Chief Executive
      Officer and Chief Financial Officer
| | ---- | --------------------------------------------------------------------------------------
| |      |                                                                                       
| | 32.1 | Section 906 Certification of Chief Executive
      Officer and Chief Financial Officer

Reports on Form 8-K.

None

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act
  of 1934, the registrant has duly caused this report to be signed on its behalf
  by the undersigned thereunto duly authorized.

| | NEW JERSEY MINING COMPANY
| | -------------------------
| |                          
| | By:                      
| |                          
| |                          
| |                          
| |                          
| |                          
| |                          
| | By:                      
| |                          
| |                          
| |                          
| |                          

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